Annual Report Gorenje Group 2009
Annual Report Gorenje Group 2009 Annual Report Gorenje Group 2009
Own shares: Number of shares 1 Jan 2009 Purchase Sale 31 Dec 2009 Repurchased own shares 121,311 0 0 121,311 Earnings per share amounted to EUR -0.44 (in 2008: EUR 0.89). To determine earnings per share, the following data on net profit or loss and average number of shares were used: in TEUR 2009 2008 Net profit or loss -6,084 11,972 Weighted average number of shares 13,908,689 13,469,497 Earnings per share -0.44 0.89 No preference shares are issued, hence basic and diluted earnings per share are equal. Dividends: dividends were not paid in 2009 (in 2008: EUR 0.45 gross per share). COMPANY - DETERMINATION OF ACCUMULATED PROFIT AND PROPOSAL FOR ITS APPROPRIATION IN LINE WITH THE COMPANIES ACT Note 28 - Determination of accumulated profit and proposal for its appropriation in line with the Companies Act Pursuant to the Companies Act, the Management Board decided to cover net loss for 2009 in the amount of EUR 6,083,995.50 by charging it against retained earnings in the amount of EUR 7,012,593.42. Determination of accumulated profit for 2009 is shown below: in EUR Net profit or loss for the period -6,083,995.50 + retained earnings 7,012,593.42 = accumulated profit 928,597.92 The Management Board and the Supervisory Board have proposed to the Shareholders’ Meeting that the accumulated profit for 2009 in the amount of EUR 928,597.92 remain unappropriated. COMPANY - PROVISIONS Note 29 – Provisions 26,113 TEUR in TEUR 2009 2008 Provisions for warranties 12,707 11,773 Provisions for retirement benefits and jubilee premiums 11,458 11,143 Other provisions 1,948 1,271 Total 26,113 24,187 213 Annual Report Gorenje Group 2009
Changes in provisions in 2009 in TEUR Balance 1 Jan 2009 Use Reversal Creation Balance 31 Dec 2009 Provisions for warranties 11,773 -9,989 -580 11,503 12,707 Provisions for retirement benefits and jubilee premiums 11,143 -593 908 11,458 Other provisions 1,271 -125 -270 1,072 1,948 Total 24,187 -10,707 -850 13,483 26,113 Changes in provisions in 2008 in TEUR Balance 1 Jan 2008 Use Reversal Creation Balance 31 Dec 2008 Provisions for warranties 13,553 -12,632 -1,968 12,820 11,773 Provisions for retirement benefits and jubilee premiums 10,827 -417 0 733 11,143 Other provisions 1,832 -420 -331 190 1,271 Total 26,212 -13,469 -2,299 13,743 24,187 Long-term provisions for warranties were created on the basis of estimated costs of warranties calculated by taking into account the past known data on the quality level of products and the costs of repairs under warranties. The actuarial calculation of estimated future payments of retirement benefits and jubilee premiums was made as at 31 December 2009. In 2009, provisions were created in the amount of TEUR 908 (in 2008: TEUR 733) and charged against profit or loss for the period. A rise in provisions was due to a lower discount rate (in 2009: 5.4%; in 2008: 7.6%) and a yearly increase in provisions for employees. Other provisions include provisions for claims filed with the court. 214 Annual Report Gorenje Group 2009
- Page 169 and 170: GROUP - INDEPENDENT AUDITOR'S REPOR
- Page 171 and 172: Mora Moravia s r.o., Czech Republic
- Page 173 and 174: Gorenje UK Ltd., Great Britain Gore
- Page 175 and 176: FOREIGN CURRENCY EXCHANGE RATES App
- Page 177 and 178: STATEMENT OF FINANCIAL POSITION Sta
- Page 179 and 180: STATEMENT OF CHANGES IN EQUITY Stat
- Page 181 and 182: NOTES TO THE FINANCIAL STATEMENTS C
- Page 183 and 184: COMPANY - 3. SIGNIFICANT ACCOUNTING
- Page 185 and 186: Cash flow hedges When a derivative
- Page 187 and 188: (iv) Depreciation Depreciation is r
- Page 189 and 190: i) Impairment (i) Financial assets
- Page 191 and 192: (iii) Onerous contracts A provision
- Page 193 and 194: Deferred tax is measured at the tax
- Page 195 and 196: IFRIC 18 Transfers of Assets from C
- Page 197 and 198: COMPANY - 5. FINANCIAL RISK MANAGEM
- Page 199 and 200: Capital management The Company's po
- Page 201 and 202: Rental income in TEUR 2009 2008 Ren
- Page 203 and 204: in TEUR 2009 2008 Interest expenses
- Page 205 and 206: COMPANY - NOTES TO THE FINANCIAL PO
- Page 207 and 208: Changes in intangible assets in 200
- Page 209 and 210: Carrying amount at 1 Jan 2008 12,95
- Page 211 and 212: COMPANY - INVESTMENTS IN SUBSIDIARI
- Page 213 and 214: Long-term loans to specific groups
- Page 215 and 216: Short-term loans in TEUR 2009 2008
- Page 217 and 218: Kemis-Termoclean, d.o.o., Croatia 2
- Page 219: Changes in fair value reserve: in T
- Page 223 and 224: COMPANY - CURRENT FINANCIAL LIABILI
- Page 225 and 226: Trade payables to suppliers in the
- Page 227 and 228: COMPANY - FINANCIAL INSTRUMENTS COM
- Page 229 and 230: 31 December 2008 in TEUR Carrying a
- Page 231 and 232: Sensitivity analysis A 5 percent in
- Page 233 and 234: COMPANY - FAIR VALUE Note 36 - Fair
- Page 235 and 236: Net earnings in 2009 in TEUR Manage
- Page 237 and 238: Net earnings in 2008 in EUR Salarie
- Page 239 and 240: COMPANY - EVENTS AFTER THE DATE OF
- Page 241: Imprint: Publisher: Gorenje, d.d.,
Changes in provisions in <strong>2009</strong><br />
in TEUR<br />
Balance 1 Jan<br />
<strong>2009</strong> Use Reversal Creation<br />
Balance 31<br />
Dec <strong>2009</strong><br />
Provisions for warranties 11,773 -9,989 -580 11,503 12,707<br />
Provisions for retirement<br />
benefits and jubilee<br />
premiums 11,143 -593 908 11,458<br />
Other provisions 1,271 -125 -270 1,072 1,948<br />
Total 24,187 -10,707 -850 13,483 26,113<br />
Changes in provisions in 2008<br />
in TEUR<br />
Balance 1 Jan<br />
2008 Use Reversal Creation<br />
Balance 31<br />
Dec 2008<br />
Provisions for warranties 13,553 -12,632 -1,968 12,820 11,773<br />
Provisions for retirement<br />
benefits and jubilee<br />
premiums 10,827 -417 0 733 11,143<br />
Other provisions 1,832 -420 -331 190 1,271<br />
Total 26,212 -13,469 -2,299 13,743 24,187<br />
Long-term provisions for warranties were created on the basis of estimated costs of warranties<br />
calculated by taking into account the past known data on the quality level of products and the costs of<br />
repairs under warranties. The actuarial calculation of estimated future payments of retirement benefits<br />
and jubilee premiums was made as at 31 December <strong>2009</strong>. In <strong>2009</strong>, provisions were created in the<br />
amount of TEUR 908 (in 2008: TEUR 733) and charged against profit or loss for the period. A rise in<br />
provisions was due to a lower discount rate (in <strong>2009</strong>: 5.4%; in 2008: 7.6%) and a yearly increase in<br />
provisions for employees. Other provisions include provisions for claims filed with the court.<br />
214<br />
<strong>Annual</strong> <strong>Report</strong> <strong>Gorenje</strong> <strong>Group</strong> <strong>2009</strong>
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